IEC Electronics reports second quarter six month results.NEWARK, N.Y.--(BUSINESS WIRE)--April 22, 1996--IEC Electronics Corp. ("IEC (International Electrotechnical Commission, Geneva, Switzerland, www.iec.ch) An organization that sets international electrical and electronics standards founded in 1906. It is made up of national committees from over 60 countries. IEC - International Electrotechnical Commission ")(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IECE IECE Interdisciplinary Early Childhood Education ) today reported results for the second quarter and first six months of fiscal 1996 ended March 29, 1996. For the second quarter of fiscal 1996 sales increased 51.6 percent to $44,384,964 as compared to $29,286,167 in the second quarter of fiscal 1995. Net income for the quarter was $418,827, or 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on 7,478,611 common shares as compared to $444,425, or 6 cents per share on 7,476,061 common shares in the like period of fiscal 1995. For the first six months of fiscal year 1996, sales increased 60.3 percent to $91,367,147 as compared to $56,987,620 for the same period of fiscal year 1995. Net income for the six month period was $2,332,360 or 31 cents per share on 7,476,842 shares as compared to $635,723, or 9 cents per share on 7,422,003 shares in the first six months of fiscal 1995. Russell E. Stingel, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "As a result of the diversification strategy which management implemented in response to changes in the industry, approximately 32 percent of net sales for the six-month period were to new customers. While the shortage of components has eased somewhat, certain shortages and frequent customer rescheduling, especially in the personal computer segment, continue to impact both sales and earnings for both the quarter and the six-month period." Stingel further stated that, "Roger E. Main, the Company's Chief Executive Officer, continues to show slow improvement from the ruptured aortal aneurysm aneurysm (ăn`y  rĭzəm), localized dilatation of a blood vessel, particularly an artery, or the heart. suffered in January."
IEC is a full service, ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002 certified, contract manufacturer employing state-of-the-art production utilizing both surface mount and pin-through-hole technology. IEC offers its customers a wide range of manufacturing and management services, on either a turnkey or consignment basis, including material procurement and control, concurrent engineering services, manufacturing and test engineering support, statistical quality assurance and complete resource management. CONTACT: Martin E. Janis & Company Inc. Bev Jedynak, 312/943-1100 |
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